Oct 6 (Reuters) - Speculators cut their bearish bets on the U.S. dollar from the previous week, which showed the highest level in net-short contracts in five years, but held their negative bias for the U.S. currency.

The value of the dollar’s net short position was $16.83 billion in the week ending Oct. 3, leaving investors net short on the greenback for the 12th straight week, according to data from the Commodity Futures Trading Commission released Friday. (Reporting by Dion Rabouin)